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As per my earlier post, this follow up aims to understand how uncertainty influences monetary policy. Although we will use the lens of investment, these arguments hold for planned expenditure in the economy more generally.
Read moreWhy uncertainty matters?
The OECD has been warning everyone (Economic outlook 2019) , that the trade policy tension and uncertainty around it hit global economy hard. My question is, how can we think about uncertainty and its influence on monetary policy?
Read moreLast week I re-joined gym with Les Mills, as my previous fitness club (Revive) got shut down. The amenities provided and the corresponding higher price charged by Les Mills made two things come to mind:
To think about this, I want to talk about competition – specifically an idea called monopolistic competition.
Read moreNZIER had their annual NZIER Economics Award earlier in the week – or as we often call it NZ Economist of the Year. The winner for 2019 was John McDermott, current Executive Director and Motu and former Chief Economist of the RBNZ.
John was an excellent choice for this award. He has contributed significantly to NZ and international literature, while influencing policy making in NZ – especially through the high pressure times of the Global Financial Crisis. Furthermore, while doing all this he has taken time to do some economics teaching in Wellington, helping to inspire future generations of students.
As part of my job as a researcher I like to read about different topics – I have done work on health economics, labor economics, and more recently firm recruiting with the use of reverse phone lookups to hire the best employees. One topic that comes up across all these fields is the idea of a monopsony buyer for different things.
Looking across this blog I’ve seen monopsony discussed in terms of the labour market and in terms of migration and monetary policy. However, I want to focus on concentration indices (as a proxy for monopsony) and wages.
I’ve heard the arguments that secular stagnation refers to a situation with low long-term interest rates – reaching the zero lower bound on nominal rate often – low inflation and low output growth. But what does this really mean?